Nurol Holding to Acquire BAE Systems' 49% Stake in FNSS, Gaining Full Ownership

Nurol Holding has reached an agreement to acquire the 49% stake in FNSS Savunma Sistemleri A.Ş. held by BAE Systems.

This acquisition will grant Nurol Holding full ownership of the Turkish defense company, a producer of military vehicles and systems. The deal is pending approval from the Turkish Competition Authority, after which FNSS will officially become a wholly owned subsidiary of Nurol Holding.

For over 35 years, FNSS has developed the KAPLAN and PARS armored vehicle families. The PARS is a wheeled armored vehicle for combat and reconnaissance. The KAPLAN is a tracked armored vehicle for infantry and amphibious operations. The ACV-15 is a tracked armored combat vehicle for troop transport and fire support. The Zaha is an amphibious assault vehicle for naval missions, and the Shadow Rider is an unmanned ground vehicle for autonomous tasks.

Nurol Holding, already the majority shareholder with 51% ownership, aims to strengthen FNSS’s capabilities and align its operations with long-term strategic defense goals.

As of December 31, 2022, NUROL Holding's consolidated assets amounted to TRY 79.1 billion, while the group's revenue was approximately TRY 26.8 billion as of the same date, and the target for 2023 is planned as TRY 37.2 billion.